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WP/11 The United Arab Emirates: Some Lessons in Economic Development

Oil was discovered in the United Arab Emirates (UAE) just 50 years ago. During that time, UAE has been able to transform itself into a rapidly modernizing country, which is fast becoming a major economic hub and a key player on the international economic landscape. This paper discusses a number of aspects of the development strategy of the UAE that contributed to its phenomenal development: (i) the political system, which has resulted in a perception of stability and minimal political risk, encouraging investment; (ii) oil; (iii) development strategies that have resulted in a very dynamic business environment; (iv) open importation of foreign skills and management; (v) labour policies that have enabled the immigration of vast numbers of foreign lower-skilled workers. There are, of course, also concerns for the future, and indeed each of the five positive attributes listed above has a flip side which is a potential major challenge for the future.
Publisher:
UNU-WIDER
Series:
WIDER Working Paper
Volume:
2010/11
Title:
WP/11 The United Arab Emirates: Some Lessons in Economic Development
Authors:
Yaw Nyarko
Publication date:
February 2010
ISBN 13 Web:
978-92-9230-246-7
Copyright holder:
© UNU-WIDER
Copyright year:
2010
Keywords:
role models, United Arab Emirates, success
JEL:
O53
Project:
Country Role Models for Development Success
Sponsor:
UNU-WIDER gratefully acknowledges the financial contributions to the project by the Finnish Ministry for Foreign Affairs, and the financial contributions to the research programme by the governments of Denmark (Royal Ministry of Foreign Affairs), Finland (Finnish Ministry for Foreign Affairs), Sweden (Swedish International Development Cooperation Agency—Sida) and the United Kingdom (Department for International Development).
Format:
online and printed copies